Plans are being submitted for a new £14 million railway station, hotel and office development in Dundee.

The proposal is being submitted today to Dundee's Council Policy and Resources Committee for outline approval.

It marks the latest phase of a £1 billion overall regeneration plan for the city's waterfront, anchored by a £45 million outpost of London's Victoria & Albert Museum, which is due to open in 2015.

Dundee's overall waterfront project, led by a joint venture between Dundee City Council and Scottish Enterprise, covers 240 hectares of land stretching eight kilometres along the River Tay.

The development is forecast to create more than 9,000 jobs and attract more than £1 billion of inward investment in the next five years.

Major investment projects currently under way include the new Dundee Council headquarters at Dundee House; the creation of a major flood prevention scheme to protect businesses and homes on the waterfront; and road and infrastructure works.

Hotel chain Malmaison recently announced plans to open a 91-bed hotel in Dundee by May 2013, which will create 120 new jobs.

Mike Galloway, director of city development, said: “We are building the ‘new’ Dundee, and are already on track to meet our target of attracting £1 billion of new investment.

“Increased investment and growth will generate millions of additional visitors, and hundreds of millions of pounds of revenue, so it is essential that they arrive at a railway station that clearly signals that Dundee is well and truly open for business.

“We believe these plans support our wider ambitions, and would encourage businesses, investors, developers and entrepreneurs at all levels to visit the city and see the opportunities that are now available.”